India Telecom Operator Aircel has Filed for Bankruptcy
One of India’s largest telecom operator, Aircel has filed for bankruptcy. An interim resolution professional will be appointed and will have 270 days to find funding and buyers as part of a plan to repay lenders, failing which the carrier will be declared bankrupt and sent into liquidation.
” India’s Top Telecom Operator has filed for Bankruptcy “
Aircel, with 80 million subscribers in January 2018 is founded 19 years ago by C Sivasankaran. The telecom company majority stake was sold in 2015 to Malaysia’s top 3 largest telecom operator Maxis, founded by Malaysian business tycoon and billionaire Ananda Krishnan ($7.2 billion net worth).
Since Reliance Jio entry in 2016, the telecom competition in India has hit Bharti Airtel, the No. 1 operator and has driven a merger (complete by 2019) between Vodafone India and Idea Cellular to form the largest telecom company in India. The three companies together control over 60% of India’s mobile subscribers. Reliance Jio is a subsidiary of Reliance Industries, founded by Indian richest man Mukesh Ambani ($40.1 billion net worth).
The application was filed in National Company Law Tribunal (NCLT) Mumbai for 3 companies: Aircel Cellular, Dishnet Wireless, Aircel Ltd, under Section 10 of the Insolvency and Bankruptcy Code 2016 for undertaking Corporate Insolvency Resolution Process. The telecom company is working with other telecom service providers to help our subscribers remain connected.
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